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Mutual Fund Charges Mounting
1The SEC and Massachusetts charged ex-Prudential Securities staff in Boston with improper fund trading. New York's Eliot Spitzer is probing Deutsche Bank, a source said. Stephen Cutler, head of SEC enforcement, said more industry charges will come this week. He said the SEC also is moving on to examine fund repricing and other practices that raise "serious questions."
Layoffs Jump to One-Year High
2Announced layoff plans more than doubled to 171,874 in Oct. from 76,505, said outplacement firm Challenger, Gray & Christmas. It was the most since 176,010 in Oct. '02. Auto, retail and telecom firms led last month, but government and nonprofits have the most planned job cuts so far this year. Calif.-based companies have cut lots of jobs. See Vital Signs on A2
Novell Buys SuSE, Gets IBM Cash
3 Shares of the network software maker rose 21% to 7.31 after it agreed to pay $210 mil for Germany's top Linux firm. IBM will invest $50 mil in Novell, one of several it's made in Linux firms. The move helps Novell complete its Linux offerings and gives it a foothold in Europe. Shares of Linux rival Red Hat fell 12%; SCO, which is suing IBM over Linux, rose 12%. More on this page
Iraq Rebels Launch Major Attack